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A news report has revealed that Korean National Oil Company (KNOC) is looking to divest its stakes in Dana Petroleum. KNOC has received offers from ten investment banks for the same. The Korean firm's 30% stakes in Dana is assumed to be worth more than £410 million. The aggressive acquisition of Dana took place in 2010 but now, KNOC wants to sell it in order reduce its debt. Western Isles is operated by Dana and it started production in 2017.
The liquefied natural gas (LNG)-powered truck will undergo test runs to understand its safety and economic feasibility, informed the state-run Korea Gas Corp. (KOGAS) on Friday. This truck has been developed in cooperation with KOGAS and Daewoo Tata Commercial Vehicle Company, nation’s second-largest truck manufacturer. This 400 horsepower LNG powered-truck will have an engine by Italy’s Fiat Powertrain Technologies and it will be built on Tata Daewoo frame.
In the recent visit of the President of the Republic of Korea, Moon Jae-in, to the United Arab Emirates, two major contracts were signed between ADNOC Refining and Samsung Engineering worth more than $3.5 billion. These contracts are expected to enhance the bilateral cooperation in the oil and gas industry and contribute in the identification of new joint ventures.